Genie Energy Ltd (GNE) Releases Quarterly Earnings Results
Genie Energy Ltd (NYSE:GNE) issued its quarterly earnings results on Thursday. The oil and gas producer reported $0.02 earnings per share for the quarter, Bloomberg Earnings reports. Genie Energy had a negative return on equity of 15.39% and a negative net margin of 3.62%. The firm had revenue of $69.47 million for the quarter.
Shares of Genie Energy (NYSE:GNE) traded up $0.26 during trading hours on Friday, hitting $5.58. The stock had a trading volume of 62,675 shares, compared to its average volume of 38,640. Genie Energy has a twelve month low of $5.02 and a twelve month high of $8.31. The company has a current ratio of 1.82, a quick ratio of 1.72 and a debt-to-equity ratio of 0.05.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 13th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $0.30 annualized dividend and a yield of 5.38%. Genie Energy’s payout ratio is currently -73.17%.
In other news, Director James A. Courter sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $6.18, for a total value of $30,900.00. Following the completion of the sale, the director now owns 311,983 shares of the company’s stock, valued at approximately $1,928,054.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Avi Goldin sold 8,500 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $6.21, for a total value of $52,785.00. Following the completion of the sale, the chief financial officer now directly owns 24,765 shares of the company’s stock, valued at approximately $153,790.65. The disclosure for this sale can be found here. Insiders sold a total of 38,500 shares of company stock worth $237,885 over the last quarter. Company insiders own 31.00% of the company’s stock.
A hedge fund recently raised its stake in Genie Energy stock. State Street Corp lifted its holdings in Genie Energy Ltd (NYSE:GNE) by 21.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,427 shares of the oil and gas producer’s stock after purchasing an additional 31,379 shares during the period. State Street Corp owned about 0.78% of Genie Energy worth $1,375,000 as of its most recent filing with the Securities & Exchange Commission. 20.76% of the stock is currently owned by hedge funds and other institutional investors.
Separately, TheStreet downgraded Genie Energy from a “c-” rating to a “d+” rating in a report on Thursday, August 3rd.
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About Genie Energy
Genie Energy Ltd. (Genie) owns interest in its subsidiary, Genie Energy International Corporation, which owns Genie Retail Energy and Genie Oil and Gas, Inc The Company operates through three segments: Genie Retail Energy (GRE), Afek Oil and Gas, Ltd. (Afek), and Genie Oil and Gas (GOGAS). The GRE segment operates retail energy providers (REPs), including IDT Energy, Inc and Residents Energy, Inc, and energy brokerage and marketing services.
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